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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (50104)	11/21/2012 1:12:38 AM
From: Spekulatius	Read Replies (1) of 78621

Wthin the same theme KSB3.DE has been very disappointing. I just added a few shares yesterday at 350.5 Euro. The company trades below tangible book (380Euro) and there is substantial net cash on the balance sheet (~180M$). Their earnings are on track to match the 2010 level again, or at least get close. That would be about 45 Euro/ share. Revenues are up in the double digits YOY, despite tough conditions in some business lines., nevertheless, the stock has been fairly weak. As I mentioned before, the pump business appears to get better economics over time, it was deeply cyclical in the 80's and 90's but I suspect that increased maintenance and consolidation has improved the economics for the remaining players like Sulzer, KSB, Xylem and others. markets.ft.com

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